Hynix Holders Approve Writedown Plan

Updated Feb. 25, 2003 12:19 am ET

Shareholders of Hynix Semiconductor Inc. approved the South Korean company's 21-for-1 share-writedown plan, a spokesman for the chip maker said. The company had held a shareholders' meeting earlier Tuesday to discuss various issues, including the share-writedown plan. "Although minority shareholders strongly opposed the plan, the plan passed on the approval from Hynix creditor banks, which own a majority stake in the company," said Bang Min-Ho, a Hynix spokesman. Hynix's board approved the capital-writedown plan in January, after receiving the green light from creditor banks in late December. After the capital...